Research On Value Evaluation Of Carbon Emission Rights Of Enterprises With Pledge

Under the background of the increasingly significant negative impact of greenhouse effect,effective control of carbon dioxide emissions has become a global consensus,and low-carbon economy has become an inevitable choice for sustainable development.With the release of carbon emission restriction documents,carbon emission rights have been given value and commercialized.Carbon trading market has emerged and developed rapidly.Derivative trading of carbon emission rights has also been growing gradually.The innovation of carbon emission pledge financing in China's carbon trading market has brought new ways for enterprises to finance,and the new financing mode has been opened by using carbon emission pledge financing dominated by enterprises.Pledge financing business needs to evaluate carbon emission rights reasonably,but there is no unified standard for carbon emission rights evaluation in theory and practice at present.Therefore,it is urgent to scientifically evaluate the value of corporate carbon emission rights to ensure the development of pledge financing.Based on the above background,this paper studies and evaluates the value of corporate carbon emission rights under pledge purposes on the basis of existing research results.Firstly,according to the source of carbon emission rights,the carbon emission rights that enterprises can pledge are divided into quota carbon emission rights and project carbon emission rights(CCER).Secondly,according to the characteristics of different types of carbon emission rights,combined with the purpose and value types of pledge and analyzing the applicability of existing assessment methods,the income approach is used to evaluate the CCER value which has potential value and generates in the future.And the market approach is selected to evaluates the value of quota carbonemission rights with large trading volume and stable trading price.Then,it builds a value evaluation model.When using income approach to evaluate CCER value,it introduces Monte Carlo simulation method combined with Brownian motion model to predict its future price,establishes a regression model to predict its future quantity.When using market approach to evaluate the value of quota carbon emission rights,Per Capita GDP is an adjustment index at the level of economic level,and choosing the per capita historical cumulative carbon emissions as another adjustment index for the problem that environmental capacity can not be quantified objectively at present.The evaluation model constructed in this paper can provide valuable reference for carbon emission pledge value assessment,and at the same time,it also expands the application of traditional methods at the methodological level,and can be used for reference under other purposes.Finally,a case is selected to verify the reliability of the model,and the results of the overall assessment and individual factors show that the model built in this paper has good applicability.At the same time,some suggestions are provided for the application of the model and the evaluation of carbon emission rights value based on the characteristics of the model and the problems encountered in the research process.